LAKE ELSINORE, CALIF. — Huntington Beach, Calif.-based Civic Partners has partnered with Jacobs Investment Co. to acquire Lake Elsinore Valley Center in Lake Elsinore for $11.5 million. Located on a 6.8-acre site along East Lakeshore Drive, the property offers 68,858 square feet of retail space. Currently, the center is anchored by the County of Riverside and Big Lots. Jennifer Stroffe of Stroffe Properties represented the buyer in the transaction; the seller, Tonto Corp., was self-represented.
SYLMAR, CALIF. — Newport Beach, Calif.-based Voit Development Co. has completed the disposition of an industrial building at North Valley Commerce Center in Sylmar. Tutor-Saliba Builders purchased the 33,717-square-foot property for an undisclosed price. David Harding, Greg Geraci, Matt Dierckman and Billy Walk of CB Richard Ellis represented Voit Development Co. in the transaction; the buyer had in-house representation.
RENO, NEV. — Los Angeles-based A-American Storage Management has purchased Green Acres Self Storage, an 86,000-square-foot self-storage facility in Reno. Located at 95 Green Acres Dr., the property was 85 percent occupied at the time of acquisition. Total consideration was $6.3 million. The seller was not disclosed. Greg Wells of Grubb & Ellis|BRE Commercial, along with John Pinjuv of Grubb & Ellis|NCG in Reno, represented the buyer in the transaction.
COSTA MESA, CALIF. — Costa Mesa-based Donahue Schriber is preparing for the first tenants to open in six retail centers, which total approximately 1.5 million square feet, in California, Nevada and Arizona. In California, the company is developing Smoke Tree Commons, a 170,000-square-foot center in Palm Springs with Michaels, Cost Plus, Walgreens, Petco and Jensen’s Specialty Market as tenants; the 732,000-square-foot Countryside Marketplace in Menifee with Target, Lowe’s Home Improvement Warehouse and Kohl’s as tenants; and Orchard Walk East, a Target-anchored, 296,000-square-foot center in Visalia. The company, in a joint venture with Tim Winn, is also developing two retail properties in Spark, Nev., — Pioneer Meadows West, a 163,000-square-foot, Raley’s-anchored center; and Pioneer Meadows East, which is anchored by a 17,000-square-foot Longs Drugs. Additionally, Donahue Schriber is developing Greenway Marketplace, a Wal-Mart Neighborhood Market-anchored, 70,000-square-foot retail center in Surprise, Ariz.
LA QUINTA, CALIF. — Regency Centers and Marinita Development Co. are partnering to develop Jefferson Square, a $24.3 million supermarket/drugstore-anchored shopping center in La Quinta. Located at the corner of Jefferson Street and Fred Waring Drive, the center will offer 90,444 square feet of retail space. The first phase, which is slated for completion in first quarter 2009, will feature Fresh & Easy Market and CVS/pharmacy. Additionally, Jacksonville, Fla.-based Regency is seeking LEED core-and-shell certification for its portions of the project. Temecula, Calif.-based Mercer Construction is serving as general contractor; Irvine, Calif.-based KTGY Inc. is providing architectural services for the project.
SCOTTSDALE, ARIZ. — Joseph Compagno of Marcus & Millichap has brokered the sale of Mountain View Plaza, a 59,711-square-foot shopping center in Scottsdale. A Beverly Hills, Calif.-based investor acquired the property for $14.85 million or $248.70 per square foot as part of a 1031 exchange. Located at 9699 N. Hayden Rd., the center was 94.5 percent occupied with 23 tenants at the time of acquisition. The seller was a Phoenix-based private investor.
SAN DIEGO — The Jackson Drive Group (JDG) has completed the disposition of a commercial property in San Diego. Located at 7404-7424 Jackson Dr., the property consists of a 12,220-square-foot multi-tenant, professional building and a freestanding 6,500-square-foot Bank of America branch. At the close of escrow, the property was 100 percent occupied. 7404-7424 Jackson Drive TIC acquired the property for $3.5 million. Scott Collins and Gina Coldani of NAI San Diego represented the seller; the buyer was self-represented in the transaction.
CAMAS, WASH. — Gresham, Ore.-based KMC Investment Group LLC has purchased Riverside, an apartment community located at 225 NE Summer St. in Camas. Port Orchard, Wash.-based Vretenar LLC sold the 28-unit property for $2.03 million. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.
What area is your expertise? Utah Multifamily What trends do you see presently in multifamily development in your area? Rental rates for apartments are on the rise. Utah realized the highest rent growth in all western states over last year. 9.9 percent increase. The condo market has definitely slowed down considerably. We are starting to see platted projects available for sale as developer confidence with current market conditions are low. Rental rates will continue to climb over the next two years. Who are the active multifamily developers in your area? Active multifamily developers in the Utah market are Cow-boy partners, The Church of Jesus Christ of Latter-Day Saints (LDS), and The Metro Condominiums. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? City Creek Center in downtown Salt Lake City is a sustainably designed, walkable urban community of residences, offices and retail stores that will rise over the next four years on approximately 20 acres across three blocks in the heart of downtown Salt Lake City being developed by LDS. Upon project completion in 2012, the city will be one of few in the nation with a vibrant, mixed-use …
SAN LEANDRO, CALIF. — Broadreach Capital Partners has completed a multi-million dollar renovation of the former Kellogg’s cereal production facility in San Leandro. The company has repositioned the property as Williams Street Industrial Park, a 484,727-square-foot industrial park. Broadreach acquired the property in April 2007 for $21.5 million and undertook a 1-year redevelopment plan that included new mechanical, electrical and plumbing systems, seismic and structural upgrades, improved loading facilities, enhanced landscaping, building façades and interiors. Additionally, the company also razed 24,160 square feet of existing structures to develop a new central main entrance and truck court. Located at 2010 and 2020 Williams Street, the property features a 186,000-square-foot manufacturing and warehouse building with 19-pneumatic-fed silos; a 278,727-square-foot warehouse building with 20,000 square feet of office space, and a separate 3.6-acre industrial-zoned land parcel, which is connected to the rest of the property by a pedestrian bridge. The property is also served by two active and independent Union Pacific rail spurs. Current tenants include Meto Poly Company and Zim Diversified.